Indian Rice Export Prices Ease This Week On Slowdown In Demand From Buyers In Africa
As the most competitive exporter globally, India is the largest exporter of rice, followed by Thailand and Vietnam.
This week, prices for rice shipped from India, the top global hub, decreased due to a slowdown in demand from consumers in Africa, and Bangladesh tried to clamp down on hoarding to control rising local prices for the staple food.
Traders said that prices may stabilize further as the harvest peaks in the current month and that global solid demand would prevent a more pronounced retreat. A Mumbai-based dealer with a global trade house said that buying from African countries has reduced a bit due to a recent price rally.
Price Of Rice
- Rates for the 5% broken parboiled variety from India decreased to $390-$395 per tonne from $397-$404, which was about the highest in two years. This was also a result of the rupee’s depreciation. According to two government sources during the previous month, as India attempts to control domestic prices, the country does not intend to lift a ban on the Export Of Broken rice and reduce a 20% tax on overseas shipments of white rice.
- Domestic prices in Bangladesh remained high despite good crops and reserves, which officials blamed on middlemen’s hoarding even though the Government has warned about legal action against those Bangladesh Food Minister Sadhan Chandra Majumder said “Surveillance has been increased. New laws are being enacted.”
- Thailand’s 5% broken rice prices were quoted at $450 to $460 per tonne, a slight decrease from the $460 range the previous week. A Bangkok-based trader said, “Supply and demand have been muted because it’s early in the month, we have to wait for the new harvest”.
- In Vietnam, 5% broken rice was being sold for $440 to $445 per tonne, down from $457 per tonne a week earlier. A trader in Ho Chi Minh City said, “Prices edged lower as supplies are building up amid the winter-spring harvest”.
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